Property prices 'on the up' - buy to let mortgages

03 August 2009

House prices increased for the third month in a row in July, according to Nationwide Building Society's latest survey.

Figures from the financial services provider show that the average cost of housing in the UK during the month was £158,871.

No breakdown of homes bought with buy to let mortgages was stated, but this price represents a 1.3 per cent increase on the value reported by Nationwide in June.

Martin Gahbauer, chief economist at the building society, said that last month's boost in property prices reflected the increase noted since the start of the year.

"For the first seven months of 2009 as a whole, prices have risen by a cumulative 1.3 per cent, suggesting there is now a reasonable chance that prices could end the year slightly higher than where they started," he explained.

In other housing news last month, independent property specialist Malcolm Harrison suggested that first-time buyers have always struggled to buy a home. He indicated that every inaugural purchase is a "pretty major step forward".

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